Can I get renters insurance for my dorm room and is it worth it?
Heading off to college or university is an exciting time in your life. When you are living in a dormitory on campus you meet so many people, and have so many new experiences that you wouldn’t get anywhere else. That being said, when you move into your dorm room you are moving in with strangers, strangers who unfortunately may not have the most amount of respect for you or your possessions. As a general rule however, post-secondary institutions claim that they are not responsible for the loss of theft of personal property, and they strongly urge students to obtain some sort of insurance.
How to make sure you’re covered
If you feel like having coverage is in your best interests, the first step to take would be to talk to your parents and have them ask their insurance broker if you are covered under their pre-existing home insurance policy. Some policies extend to children who are off in post-secondary and cover up to a certain amount of loss. If no such coverage exists, then speak about options available to you that will cover you and your belongings while living in your dorm.
If you are not already covered under your parent’s home insurance policy, or wish to opt for additional coverage, renters insurance is able to step in and help. Typically, a rental insurance policy can run you around $300 for the year, and carry some sort of deductible if a claim needs to be made. The coverage though does come with liability insurance. Depending on the city you living in for school, the yearly cost of the policy can differ; Toronto tends to cost more than Guelph for example.
Is coverage worth it?
Life as a post-secondary student comes with owning lots of electronics that aid you in getting your work done. Laptops, tablets, cell phones, etc. When you’re living in a dorm room, there is no way that you can be keeping an eye on your things 24/7, and with nature of having 20+ students on a floor, there is unfortunately no guarantee that your belonging with always be safe.
Having some sort of protection, whether it is through your parents pre-existing home insurance or an added premium or renters insurance, will help give you piece of mind that if something does happen to your belongings, you have some coverage. In addition to your possessions being covered, coverage that you have while in school will also help with any liability claims that you may need to make.
For the low (and in some cases no) additional cost, having insurance to cover you while living in a dorm room is a good idea. It will not only help cover the things you bring to school with you, but will also protect you and your surroundings. Life in a dorm room, especially if it is your first year, is crazy enough without having the added worry of what may happen if something bad to you or your electronics. Having some sort of coverage leaves you to focus on your schoolwork and all the other fun things that come with being away at school.